The latest Bitcoin price action has pushed momentum into the positive on just about every timeframe that matters: From today the daily through the monthly.
If these signals confirm with a June monthly close, the train might have officially left the station when it comes to the next crypto bull run.
BTCUSD Momentum Builds Across Multiple Timeframes
Imagine a train that’s come to a complete stop. It’s a lot easier to board a train as it’s idle, and before it has gained momentum. Momentum starts off slow, then once the train really begins rolling it picks up seemingly unstoppable steam. Slowing back down takes force, time, and distance before it once again comes to a stop. Getting in the train’s path can prove dangerous.
If Bitcoin price can continue to climb through the end of June, strengthening bullish momentum will confirm across nearly every significant timeframe from the daily to the weekly to the monthly.
That is according to the LMACD, which in the chart below shows the following timeframes forming a bullish crossover and buy signal: 1D, 3D, 1W, 2W, 3W, and 1M (clockwise). Such a signal could mean the train has left the station.
Bitcoin has reclaimed $30,000 | BTCUSD on TradingView.com
Are The Stars Aligning For A Bitcoin Bull Run?
Much like when stars align, people expect something special, the majority of important timeframes signaling strengthening momentum could mean like a locomotive, Bitcoin is starting to gain steam.
And once that begins, and the train leaves the station, it isn’t quite as easy to get on for a ride. However, it isn’t fully clear if yet if that phase has begun, or if the train has a few more stops before it moves onto its final destination.
In contrast, the weekly LMACD crossover could fail and cause the monthly crossover to follow and diverge downward. At that point, things could get dicey for crypto and put lower timeframe bullish crossovers in serious jeopardy. Anyone aboard the train currently would more than likely end up disappointed.
What do you think? Has the train left the station in Bitcoin?
This chart originally appeared in Issue #9 of CoinChartist (VIP). Get 10% off a year subscription with this link: https://coinchartist.substack.com/NEWSBTC
Source link: https://www.newsbtc.com/bitcoin-news/momentum-why-the-bitcoin-train-station/
